Record Details

Applying Visual Frameworks to Optimize Innovation Strategy

GSTF Journal on Business Review

View Archive Info
 
 
Field Value
 
Title Applying Visual Frameworks to Optimize Innovation Strategy
 
Creator Ross, David
 
Subject Agility; Bang the Corner; Continuous Innovation; Corporate Inertia; Course Change Coefficient; Course Correction; Discontinuous Innovation; Disruptive Innovation; Environmental Conditions; Environmental Volatility; Environmental Factors; Evaluation Cycle
 
Description All companies have goals or targets as well as projections for various metrics. External and internal environmental factors, more often than not, push a company off course. This tendency, when a company strays from the optimal projected path, is called the Path/Goal problem. In the course of this paper, a framework will be constructed for managers to visualize their current position and path, with regard to their goals, competitors and environment. The framework will also provide insight for making decisions and crafting strategy. Furthermore, this paper will discuss and quantify when a course change (pivot) should be considered by evaluating the nature of the distribution of possible outcomes at any given point in time. The framework will then be used to contrast incumbent firms versus new entrants to a market as well as continuous versus discontinuous technological innovation strategies. More importantly, the framework will demonstrate how these situations relate to a company’s path toward their end goal. The final discussion will focus on strategies as well as their implications and risks with the goal of helping managers not only understand their situational environment, but also the implications of their decisions. Keywords- Agility; Bang the Corner; Continuous Innovation;Corporate Inertia; Course Change Coefficient; Course Correction;Discontinuous Innovation; Disruptive Innovation; EnvironmentalConditions; Environmental Volatility; Environmental Factors;Evaluation Cycle Time; Framework; Goal; Goal Boundary Plot;Incremental Innovation; Incumbent Firm; Innovation; InnovationStrategy; Middle of the Road; New Entrants; Optimization;Outcome Boundaries; Outcome Distribution; Strategy;Technological Innovation; True North Plot; Visual Framework;Zeta;
 
Publisher GSTF Journal on Business Review (GBR)
 
Contributor —
 
Date 2012-10-01
 
Type info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
—
 
Format application/pdf
 
Identifier http://dl6.globalstf.org/index.php/gbr/article/view/1249
 
Source GSTF Journal on Business Review (GBR); Vol 2, No 2 (2012): Journal on Business Review (GBR)
ISSN: 2251-2888
2010-4804
 
Language eng
 
Relation http://dl6.globalstf.org/index.php/gbr/article/view/1249/1265
 
Rights Copyright (c) 2017 GSTF Journal on Business Review (GBR)